Required information On August 1, 2022, a company purchased a call option on shares of NMV stock for speculative purposes. The contract was for 100 shares at a strike price of $105 per share, with an expiration date of October 31, 2022. The option contract premium was $50. On September 30, a market appraisal estimated time value of the option to be $34. The company settled the option contract on October 5 (assume cash settlement), on which date time value was estimated to be $30. Prices of NMV stock during the option period are provided below. Price per share of stock: August 1 $105 September 30 $121 October 5 $129 Use the information above to answer the questions below. Prepare the journal entry for settlement of the option on October 5. View transaction list Journal entry worksheet < Provide the journal entry for settlement of the option. Note: Enter debits before credits. S.No/Date Account Title Debit Gredit